Gabon Oil and Gas Market: New market research published

Interest in West Africa´s deepwater potential remains strong, underscored by Total´s recent subsalt discovery and the recent award of a number of offshore blocks to an impressive roster of companies.

Although the uptick in exploration activity offshore Gabon is encouraging, the country´s business environment remains a serious concern with the potential to slow or deter the rebound in interest.

Notwithstanding the upside, we retain our view that oil production in Gabon is set to plateau from middecade and gradually decline. The start of some small new fields or redevelopment will fail to offset falling volumes from mature fields elsewhere.

The main trends and developments we highlight for Gabon´s oil and gas sector are as follows:

- While we expect some near-term gains in oil

production, the long-term trend for Gabon´s oil production is for decline as production falls from mature fields and fails to be offset by new volumes. We expect output to average around 244,000 barrels per day (b/d) in 2013. While at present, we see more downside than upside risk to these figures, we note that a series of recent discoveries in Gabon´s deepwater and increasingly in sub-salt acreage underscore the untapped potential of the country despite its status a mature producer.

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